Source: Government of the Republic of Korea
2025 Johannesburg G20 Leaders’ Summit Session 1 :
Inclusive and sustainable economic growth leaving no one behind – Building our economies; the role of trade; Financing for development and the Debt burden
At the outset, I wish to express my sincere appreciation to Mr. Chair, for your dedicated efforts in preparing this Summit. It is deeply meaningful that the G20 Leaders’ Summit is being convened for the first time in South Africa, ‘the cradle of humanity’. The Republic of Korea stands ready to fully cooperate to ensure the success of this Summit.
Colleagues,
The world today faces a confluence of economic challenges, including slower growth and persistent imbalances. If we allow these disparities continue to widen, we will not be able to safeguard not only the future of our neighboring nations, but our own as well. To bridge the widening gap, ease the burden of inequality, and open the door of opportunity for all, I propose three solutions that will guide us toward a path of shared prosperity.
First, we must fundamentally transform our economic structure to ensure ‘sustained growth.’
To advance toward the future, we must strategically allocate resources toward sectors with the greatest growth potential, thereby creating a virtuous cycle that generates wealth and reduces our debt burden at the same time.
To this end, the Republic of Korea is pursuing the results-oriented fiscal strategy that prioritizes strategic investment in emerging sectors-particularly AI and related technologies-thereby bolstering gross domestic output while steadily reducing our long-term debt-to-GDP ratio.
However, the economies of developing countries are constrained by excessive debt burdens, limiting their capacity to invest for growth and thereby weakening the foundations for sustainable development.
To address the pressing challenges confronting these economies, we must remain steadfast in our commitment to enhance debt sustainability. The point that the President of the Republic of Angola also mentioned is valid.
In pursuit of this objective, the Republic of Korea will take an active role in advancing the G20’s diverse policy agenda, including implementing the Africa Engagement Framework.
Second, we must establish a predictable trading and investment environment to enhance growth potential.
The revitalization of the World Trade Organization serves the interests of all nations.
The Republic of Korea will actively collaborate to ensure the success of the WTO Ministerial Conference (MC-14) to be held in Africa next year.
Furthermore, the Republic of Korea will make every effort to secure the formal incorporation of the Investment Facilitation for Development Agreement (IFD Agreement) – the initiative that Korea has led and advanced – as an official WTO instrument at the forthcoming Ministerial Conference.
Third, we must elevate the effectiveness of our development cooperation to accelerate growth in the developing countries.
The Republic of Korea has continuously advanced approaches to enhance development effectiveness through the Busan Global Partnership Forum.
Having led the adoption of the Multilateral Development Banks (MDB) Roadmap Monitoring and Reporting Framework, the Republic of Korea remains committed to actively participating in ongoing MDB reform efforts.
Going forward, the Republic of Korea will work closely with member states to ensure that developing countries enjoy greater benefits.
Colleagues,
We must stand together in solidarity to build a sustainable future.
The Republic of Korea will remain steadfast in fulfilling its responsibilities and role as a committed member state of the G20.
We will dedicate ourselves to advancing ‘inclusive growth,’ where every nation shares in opportunity, and no country is left behind.
Thank you. /END/